For all those vendors looking to mentor or sell trading systems, books, advice, chat rooms, etc... I would like to make a few suggestions as to how to properly market their business here on ET. - First and foremost provide an audited track record of performance. If u are running a chat room and performance is difficult to track.. then provide an audited track record of your own personal or business trading account. I am sick and tired of anyone trying to dodge this issue.. because if u cant make $ actually trading then u are worth very little.. and why should any one listen to u. - Provide a free trial to chat room, or very detailed backtested results for system looking to sell. Basically give us detailed information as to what exactly u are trying to sell. - Provide a detailed background overview as to what experience u have in the financial markets and trading. Did u work on wall street? any major trading/prop firms? What type of credibility do u have? - If you are selling a system.. the ideal scenerio would be to show the trading performance of the system with actually money being traded. Bottom line.. is that I bet if anyone followed the described recommendations as to how to sell on ET.. i bet their would be less bullshit. Now I also believe that if anyone actually had good credentials and provided all of the details above they more than likely would be trading their own account and making a killing as opposed to wasting their time with newbies.. but there are exceptions to that rule..
Sure. I'll play. I started at a small OTC firm, then ML, Then worked on the floor of the AMEX as a wire clerk, then $2 broker, then I borrowed $25K from my family to start my own BD in 1985. I trade as a market maker from 1985 until 2010 with my own money and did very well. I owned my own AMEX Membership plus part of two others. I joined Vtrader for one year while I was looking to get into Prime Brokerage. Joined Permac Securities DBA/Victor Securities in 2011. My upstairs, option/equity trading and prop firm experience make me qualified to understand the needs of traders. I also attached my FINRA broker check to substantiate my background and to show my clean U4. I don't hide anything here. My real name is Robert Morse and I'm looking for Hedge funds, Trading Groups and Active traders that might be a good fit to do business with. In the process, I answer questions from those that will never be my client, because I enjoy the interaction. Your turn.......
The trouble is that if most marketers in this business tell the truth they woulnd't be telling their potential customers what they want to hear. I made 19% last year! If you understand trading and investment, numbers like that are very good. But if you're new then that number is a joke, so why buy? But 100% over a few months + no more than 20 mins work a day. Now THAT'S what sells to the masses! That's what they want to hear and that forces them to get their credit cards out.
Great point! Many new potential clients expect to get rich when they enter the futures market, even with someone else managing their money. They don't consider what 19% compounded per year for many years turns into -- a load of money. Instead, they want 190% each quarter LOL. You just gotta walk away from people like this.
So, how about those BIDU and APPL trade tickets you promised last week? You know, practice what you preach and that sort of thing.
That's a good point...its not just about vendors...its also about anyone that wants others to believe that trades they've done have actually occurred even though they're not selling anything. Take a look at the Journal section or any other journal like thread here at ET (e.g. ES Journal). If someone is posting losing trades...nobody ask for proof or is called a liar. Yet, if someone is posting consistent winners...others want to see proof, make accusations, start other threads just to attack the ET member...a ET member that's not selling anything. Simply, its not just a vendor issue...its an all around problem with traders on the internet. Due Diligence for everyone...not just vendors.
I think if the vendor can't provide audited results and can't provide backtested results, they shouldn't be trying to sell anything.